Most home values rising again across capital cities

The majority of home values rose across most of the capital cities over the last week while others held or fell slightly, new CoreLogic data has indicated.

Combined, the daily home value index held steady last week (ending 19 November).

Home values in Melbourne and Adelaide both climbed by 0.1 per cent, while those in Perth climbed by 0.2 per cent.

Sydney values remained flat and Brisbane's tailed off by 0.1 per cent, CoreLogic’s Property Market Indicator data showed.

While the monthly index fell by 0.1 per cent for the week, it rose by 6.1 per cent for the year.

Sydney and Melbourne remained the main drivers at 6.1 per cent and 10.4 per cent, respectively, with Adelaide chipping in again at 3.9 per cent.

Listings fell last week across most capital cities, with Hobart and Darwin experiencing the largest drops at 10.2 per cent and 16.2 per cent. Canberra was the biggest climber at 6.7 per cent.

Houses remained more popular than units, and the average time for houses on market remained flat last week, with Canberra, Melbourne and Sydney once again performing best at 24 days, 29 days and 29 days, respectively.

Perth and Darwin performed worst at 71 days and 84 days each.

Vendor discounting across most capital cities was between 4.7 per cent and 7.3 per cent for houses, and between 4.7 per cent and 7.6 per cent for units.

Canberra was the low-end exception for both houses and units at 1.9 per cent and 4.1 per cent, respectively.

Darwin was the high-end exception for both houses and units at 8.3 per cent and 11.5 per cent, respectively.

[Related: Fall in investor demand correlates with drop in value growth]

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Tim Neary

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